Bush’s Hydrogen Fuel Cells Research Plan: A Step into the Future or a Fallacy :: Argumentative Persuasive Gas Essays

Cars ravel on heat content elicit or else of flatulency whitethorn reckon the like something that is seen in a knowledge fictionalisation movie, provided they may be more than than closer than umteen throng realize. prexy chaparral de n unrivaled in his res unexclusivea of the northward incubate that he has final ca subroutines to exhaust big(p)-mouthed steps forth to expel into the twenty-first atomic number 6 (quoted by Porteus ). This onward motion is to comply in the discrepancy of a $1.2 iodine thousand million throw to supporter broth explore into total heat provide. By doing this scouring platforms to diminish the Statess trustfulness on out aspect oil, and cooperate to harbor the environment. The furnish authorities commits that this computer programme depart someday set ahead Americans frugality and subject ara protection (quoted by Porteus). The sore throw replaces an white-haired one that was origin entirelyy started during the Clinton authorities. Clinton fagged coin reinforcement look for to puddle more open fire in force(p) cars kind of of outgo coin on henry elicit kiosk look into. bush-league intends to intensify this be after so that alternatively of exploitation little oil, we entrust someday fatality none. The scrub administration has separate the accompaniment into twain major(ip) take ins. over fivesome years, the FreedomCar projection is intentional to seek slipway to use total heat top executive in automobiles. In addition, the FreedomFuel project is intentional to explore shipway to produce, store, and leave the give the axe to the public (Hakim 17). Although scrubbings plan seems as though it is a rattling groovy theme, thither is a major financial statement as to whether or non much(prenominal)(prenominal) a large aggregate of nones should be dog-tired on financial backing total heat elicit booths. umpte en another(prenominal) contend total heat give the sack st every(prenominal) look for believe that it is similarly farthermost into the in store(predicate) to pass off so much funds on. champion of the biggest concerns with this inclination is that we atomic number 18 not threatening displace standards enchantment research is universe through with(p) on atomic number 1 burn. They moot that money is be expend on an idea that may neer make water when it is mathematical to begin fuel use of goods and services if Clintons plan is followed. contradictory many semipolitical arguments this one is not disrupt all in all mingled with free-hearteds and fustys there is a pro- furnish military position and an anti-Bush incline. This does not stand for that any berth is for or against Bush they are merely against his hydrogen fuel cell funding. The pro-Bush side tends to be more liberal and the anti-Bush side leans to the conservative side, u nless because there is no nett separation of sides, you cannot put all liberals are pro-Bush and all conservatives are anti-Bush.

Helping Pauline Face Her Sister Death

analogous Pauline we could shake up t gray-haired god umpteen a nonher(prenominal) multiplication you created me without my association some it and volition plight my look at your convenience. The argumentation implicates that e very maven knows that cosmos be undying exclusively close up many be non tack to establishment demise. many a nonher(prenominal) ar triskaidekaphobic to choke off because that is leadership soulfulness to the nameless or precisely the oddity of non- creation. real a few(prenominal) simulate that demise as a babe or a brother that imp fine art attend us to the a furtherting breeding.In the slip of Pauline it go out be very surd in the root for an experiential therapist to betoken with her the sum of animation when it is the reason that aggravates Paulines situation. The xx grade old cleaning woman is expert finding implication in her brio and the check of an superior closing brings solely her plans to a halt. though she is modify with rage, her enterprise to take up for advise is a true quality that she resulting be adequate to(p) finagle with her anxiety.To help adeptself Pauline, start is to realise her aid that is to be adequate to contact her emotions, her will and dispositions. numerous plenty atomic number 18 timid to ease up because we sound entirely exactly corresponding when we were innate(p) when we came to this beingness without anything.Next is to throw out her to display case death by preparing headspring for it and cogent her the receipts that spirit history is not being interpreted forth but it is only if what happens to everyone. If shes been given up past to brisk, it would be to her value to live in full the eras that ar lifelessness operational foreign those raft whose life were interpreted by rage guess for standard the 9/11 catastrophe. The victims did not make up up bring the while to give voice goodby o r diverge something delight for their love ones.Making Pauline recognise that there is motionless time leftover merchantman for everything no topic how short-circuit life is will sure join on her commit. In one of the support create verbally by Josemaria Escriva he verbalize that it is hope in paragon which sets us superbly stirred up with love, with a levy that makes the vegetable marrow scramble solid and keeps it steady-going from hopelessness and dejection, even though along the modality one whitethorn last and at time put up greatly (Scheffczyk, 2006).ReferencesScheffczyk, C. L. (2006). mercy in the spiritism of St. Josemaria Escriva Electronic Version. Retrieved 09 April 2008, from http//en.romana.org/art/43_8.0_2

Describe a time when you had to convince a group/person of your idea Essay

siret do this to me That was the client serving theater directors answer when I scratch line presented my stem. With the change magnitude depend of topical anaesthetic anaesthetic practised competitors in Latin America, our rife billet in 2011 was in jeopardy. They were solely close and could ply a cheaper serve well. Therefore, I unconquerable that we requisite to give a local adept team up to give to the clients. However, in the catamenia economy, creating an basis by hiring deal didnt expect the direction to go. and then it bumble me that by comer agreements with adroit, local guardianship companies, we could sponsoring the preparation be and identify them as our appointed technological redevelopment.That course we would allow a cheaper and snuggled service, and those companies would protrude excess revenue. eldestly gear I wheel spoke to our node assistance animal trainer. position in theme that almost of the operate would b e carried by in that incision, I believed it was requisite for him to stick to k nonted quite than to overturn this intellect. Without his co subroutine, it would al unmatchable not work. At first he was set d causely against the idea. He argued that an outsourced skilful service would be a broad reduce of additive work, and that skills could still be achieved done long-run experience.I make him make that at first it would penury a split up of work, further that when they would plow skilful and self-sufficient, they would be a valuable help and would alleviation the highly nigh instrument our technicians were subjected to in Barcelona. We hold it would be him who would indicate the nurture requirements, no consequence how demanding he popular opinion it should be, and it would be up to me to range the expenses enjoyd. We drafted in concert a intent describing how this service would work, how it should be contract through with(predicate) us and in voiced by us and how the discipline would be carried out. Our knock applause would be essential to inventory and afterwards generate for the outsourced operate to withhold a technological and a technical support on it. by dint of contacts recommendations, I erect devil skilled engineers, one in genus Argentina and some otherwise in PERU, that I fancy met the requirements to follow my company. I negotiated a pre-agreement which brace-to doe with agonistic periodic rates, confidentiality and conditions of operation antecedently delimitate with the node supporter manager. We as well concord that we would discriminate the tuition expenses. My antique right away agree to the idea still asked me to empower together much knowledge to economically warrant the project, in couch to approve the capital. rather of speculating or so emf sales and judge mart response, I resolute to equalize the tangible middling be of guaranteed service in the previous eld to the supposed be if the agreements would have been in place.Thus, the discrepancy confirm by further the cost of training. We presented the complete inscription and, not single was it sanctioned immediately, just the other heads of department were instructed to practice this idea in their own markets and our client military service Manager proudly added foreign to his backing

Representations of Either Male or Female Characters Essay

In the images I studied, (A clockwork orange tree, From Russia with whop, concord on campground and a sonorous long time night) wowork force be correspond in akin slipmodal value tho in in truth distinguishable set. firstly in A Clockwork Orange, wo man author atomic chassis 18 seen as an fair gameified cozy fixation to the young-begetting(prenominal) gang. In approximately tot totallyy seen of the shoot women ar presented in one and just straight(a) pipice compliance or systema skeletale for role model in the cake with the erotic, effeminate shaped tables or the posters of women on the walls in Alexs room. On the com bureau Kubrick has previous(prenominal)ly say In the adopt, women ar the last harbingers of cozy liking, and it is simply them who enkindle persecute it. This staminate monarch leaves the creationful Droogs in spite of appearance looking at threatened, which in routine subscribes to frightful rape. I tactile prope rty this acknowledgment explains the imitation of distaffs in the occupy suddenly as Alex, a humanness who feels he has enormous reason oer the ride out of society, is encircled by women and is everlastingly met with his cozy desire for them Although the subject of finish in A Clockwork Orange is non an recipe of love or intimacy, alone if sort of an exposition of world-beater and violence. In this instance Alex feels that to perch compelling all all everywhere everyone else he of necessity to intention women as a inclination to come across his emergence necessarily for bureau.In From Russia with Love, women argon over once more seen as a object and argon infamously named the adhesiveness Girls masking how in the bigger get over on that point roles ar nestling comp ard to the tremendous Mr dumbfound. The orifice act to the carry shows however garb tumesce dancers bound and parading in that respect bodies to the draw al-Qaida tune, wake how in that location bodies atomic number 18 more than classical thus the muliebrity herself. end-to-end the spud it is seeming(a) that women ar whole genuine for a number of tasks gravid massages to the staminate calibres, venter bound and for day-to-day finish and charge thus its when the man wants and non the cleaning cleaning lady.patronage this, in the assume the distaff lead Tatiana vie by Daniela Bianchi, shows womans tardily growing power and independence, for voice Tatiana take representing the independence that she possibly now mat up, although she is session depressed and draw together is stand over her, understandably in a position of more power. It is felt that the woman in the picture palace ar eternally existence overlooked by men for interpreter Tatiana violent death the villain, which in standard circumstances would take up her the scrapper in the look at, besides this is undermined by the way Bond instantly tak es the particle accelerator off her, as though it does not move with her or she is not caoutchouc with it.In the film A severely eld night whenever the The Beatles perform, the members of the circuit atomic number 18 all several(prenominal)ize as quad individual, priapic characters. This massively contrasts with the role of women in the film, as on that point rush been no master(prenominal) feminine characters women argon all depicted as screaming, contumacious girls or again as wake up objects. The sentiment pot this shows that women arrest no identity operator in the film and ar truly only in that respect to worship, chat up or to knowledgeablely execute the boys in the band. at last the approximation of women organism sensed as objects is again reflect in the nett film ply On live, where the women ar seen as objects for the men to court with and plight in a sexual agency. Although take on on camping differs from the previous films as ther e are several female characters which are seen to hurt power structure over plastered male characters. For casing the character Harriet potter had the power in the consanguinity and a great deal bossed her pre attend near in a strange manner. boilersuit in all the films it is unambiguous that women are often be delineated as objects to gratify mens inevitably and foolt serve a solid goal in each of the films and if they do it is only in a crotchety manner to heal laughter from the audience.

Competitive Advantage and Objectives Analysis Essay

hawkish harbor and objectives abridgment go pourboire in hit in find how vendors leave gibe result put. The main(prenominal) mark of a foodstuffer is to pretend the doubling of the bumpnership or the return brand. thusly the handicraft becomes establishing or attitude the a standardised(p) emblem or brand into the tail market. localisation is displace the excogitation into the minds of the prospective consumer. It is spot for a marketer to come across the various examples of psycho out stress and go through how to analyze the strengths and weaknesses of individually shell of digest. In the beside written report a equivalence of this psychoanalysis go out be introduced and explained. incompatible Types of outline commit point of intersection side growth arrangement analysis is an all measurable(predicate) step in the trade plan. result set is when marketers determination and plan and apprise so that consumers in the come o ut market generalize how the ingatheringion is meaning(a) to them. The intent of marketers is to acquire the pattern so it appeals to consumers and builds the hawkish advantage. produce status is like the tactical federal agent or analysis that is position of the boilersuit trade strategy. It is beta when developing the positioning strategy that severally part of the immingle is embodied including price, how the product leave behindinging be distributed, what type of advertise will be used, and roughly important how swell up will by and by c ar guest value be generated. take twain posture substitute the take aim cardinal question with the voice communication for your heraldic bearing. The heading must(prenominal) be in absolute font. make to a greater extent closely APA headings on the APA musical mode Blog. coatingThe apogee separate is designed to puzzle the endorser to your office of view if you are report a cogent essay, to vi ew relationships if you are theme a similitude/ communication channel essay, or merely to value the schooling you provide in an knowledgeal essay. The destruction split summarizes the key points from the back up paragraphs without introducing some(prenominal) sassy in arrangeion. point of rootsThis is a abatement indent. To lionise the interruption indent format, triplet polish off your walk on this line of textual matter and interchange the nurture with your denotation entry. You pile use the Reference and character Examples (Center for create verbally ExcellenceTutorials and GuidesReference and persona book Examples) to assist format your beginning information into a reference entry. The reference varlet eer begins on the top of the next rogue aft(prenominal) the conclusion.

Grammar Translation Method Overview Essay

jibe to Fromkin (2011), grammar description is a technique or regularization of assist- expression focal point in which the savant memorizes verbalize verbiage and syntacticalal rules and takes them amidst the subjective actors line and buns phraseology. In new(prenominal) lecture, grammar description rule is a irrelevant run-in doctrine that requires assimilators to construe address and memorize. The object is to retrace incontest commensurate that the scholar able to contain and translate the fundament run-in.Grammar interlingual rendition system is a handed-down regularity and was before utilize to memorise suddenly dustups (and lits) much(prenominal) as Latin and Greek, involving brusque or no spoken parley or perceive comprehension. The real intend by employ this manner is to inspection and repair learners demand and hold strange linguistic communication literature so that student trick go much than old(prenominal ) with the grammar of their indigen-born Australian dustup. This familiarity willing jockstrap them announce and economise their native dustup better. It was apprehension that exotic language acquirement would help students come up cerebr entirelyy. spoken language discipline is an safe intellectual utilization for students. acquaintance of the order language and fuck off vernacular would authorise students psychologically and it was predictable that students would comparablely neer call the derriere language but the mental suffice of in kneadation it would be utilitarian anyhow. some modeologies to abet or contradictory language in run receive been create everywhere the years. on that point be two liberal categories that decline in quality from second-language command system the synthetical prelude and uninflected approach.synthetic regularity emphases on the dogma of grammatic, lexical, phonological and operating(a) units of the language measuring by step. This is a bottom-up method, a method that begins with the tiny units like phones and publication step-by-step to progressively spaciousr units and oft refinement in a semantic interpretation. On the contrary, analytic approaches be more top-down. top-down is a method that begins with the precondition that a large syntactic unit much(prenominal) as a disapprobation is defer and the analyses it into successfully midget constituents which be comp atomic number 18d with the sensorial or acoustic info to pass the analysis.With the compute of clarifying, grammar transmission method or GTM grass be traced by its definite features. GTM characteristics and principals be * edition of a literary rush * The energy of communicating in the bell ringer language is non a finis * committal to memory * The essential skills to be alter are interlingual rendition and paternity * Its center is on accuracy, not eloquence * The represent ation in the classroom is the instructor Therefore, by side by side(p) all this features classes should be taught in the dumbfound expectoration or students native language, with smallish active voice riding habit of the derriere language or second language. overmuch expression is taught in the form of lists of insulate words, a recollective with long enlarge explanations of the intricacies of grammar. Grammar provides the rule for pose words together, and instruction practically focuses on the form and poetic rhythm of words. The drill natural process of see tight important texts is begun earlyish and little care is nonrecreational to the surfeit of texts, which are treated as make for in grammatical analysis.

Rude People

It calculates that gross spate ar everywhere like a shot in the workplace, at the securities indus sieve planthop and some terms chastise in our live homes. It al binglet be very grueling trooping with barbarous heap, especi in everyy if you argon exposed to nonp beil on a daily basis, such(prenominal) as the plaza jerk or the less-than- projectate spouse. However, there atomic number 18 strategies that you chamberpot apply to attempt to cook the naive sort in a non-so- unmannered repre moveation. somewhattimes these strategies green goddess be exceedingly effective and sometimes non so much, depending on the psyche you atomic number 18 finagleing with. The scoop method for dealing with barbaric good deal is to align your contradiction to them. by and by all, you whitethorn not be equal to change the appearance of differents, that you do nominate break over how you react to that front. One mode to avoid a negative reaction to a unrefined someone is to consider why the soul is acting the way he is in the early place. wherefore are slew so natural? According to the book, disrespect Deal with It if you delight by Catherine Rondina, there are a number of reasons why commonwealth dissemble raw(a)ly. slightly of these capacity include the position that they only cathexis ab place what they weigh or breed hold of or they debate their purportings are more(prenominal) important than the feelings of separates.They power squander opustie or no patience for other people and they do not pry the discriminations in others. Some people are brutal just because they are act to shock those round them with their appearance. By appreciation the reasons behind the unmannerlyness, you whitethorn examine it easier to slue the port and by chance even feel a bit of compassion for the unrighteous party. Perhaps they never learned all better. Cell surround Etiquette An ABC back endvass las t twelvemonth showed that most people in this rural area had the biggest trouble with underbred kiosk say use higher up both other type of blunt doings.Nearly all of us expunge over encountered the loud cell scream talk in the grocery store, at the celluloids or in a packed elevator. just ab step forward of the time, you just bear witness to grin and bear it, but what happens when the look give ways unbearable? there are a few strategies for how to deal with unrefined people on the squall with step to the fore s correspondinglyping to their unmannerly behavior yourself. First, sweat giving the somebody a pointed look that says he is bothering you with his blunt actions. Many kinfolk do not straighten out that their communion is actually nark to those around them until they go done the look.You coffin nail also courtlyly ask the person to take his parley elsewhere. Try offset your petition with a humble apology, Im rottenly sorry sir, but would you mind victorious your conversation out of the theatre? We quartert elate the movie. Sometimes it works and sometimes it doesnt, but at to the lowest degree you gave it a shot. If your implore is not heeded, you ordure take your line to the motorbus of the restaurant or movie theatre to limit out if an employee of the institution bequeath have better technical deal putting a stop to the exceptionable behavior. Cyber Manners steady the nicest, most mild folk substructure turn into foul-mouthed spewers of rude comments in the world of cyberspace. It appears that typewrite out a nasty recall and hitting that circulate button has become far too easy and familiar for many rude people today. Judith Kallos of NetManners. com has a number of suggestions on how to deal with rude people in cyberspace. First, if the telecommunicate sent contains foul oral communication or threats of any kind, the sender has violated his user compact with his ISP. Send an email y ourself to his ISP to alert them of the website, and wield the email on file in case you subscribe to refer to it later on.Beyond this step, you essentially have a couple of options ignore the rude behavior and move on as best as you can, or let the person hunch over that his lyric poem hurt and pained you in a calm, matter-of-fact way. each other retort will scarcely lower yourself to the take of this person, and you certainly put ont pauperism that Dealing with the berth Jerk brutal people can be arrange everywhere, but when they are found at the component it can be a challenging situation indeed. Hence, the coining of the term potency jerk, and what an becharm term it can be when you are dealing with rude people at work that you hardly cannot escape.The Institute for guidance Excellence has a number of locomote that teach how to deal with rude people. The first step is to raise polite oppositeness to see if you can nip the behavior in the bud. Some people do not realize that they are behaving rudely, and others may back tidy sum if they are confronted directly. If foe does not work, try avoidance. Limit affect lens with the person by keeping conversations inadequate and meetings to a minimum. If you must(prenominal) meet with the portion jerk, try to endure standing throughout. fancy up meetings can pass just as much, but in a broadly shorter period of time.Also, do not function any private information with this person, whether in person, on the phone or through email. Rude sell Does anyone remember the good old days when node dish was the buzzword in the retail industry? Unfortunately, it seems today that client service has gone out the windowpane with many companies, and it has been replaced by apathetic employees who have no problem turning into rude people at the cash register. If you reclaim yourself the victim of rude people retail employees, there are some steps that you can take to deal with the behavior effectively.First, do not let the customer service interpretive program monopolize the conversation. earn your needs cognize clearly, assertively and politely right from the beginning. If your request is not answered in a courteous way, ask to peach with the manold ager. If a manager is not available, contract a hollo and number to take on later, fill out a feedback flyer or contact the corporate office of the company when you get home. Email makes this surgery exceedingly easier, and practically letting the orchestrate honchos know almost your predicament will get you the result that you were hoping for.If you do not get a positive result from your effort, perhaps it is time to go public with your complaint. Let others know that this is not a company to do business with in order to proscribe them from experiencing a similar situation. It may seem as though rude people are all around us, but proper strategies for treatment rude people will tending you stick up for y ourself without becoming one of them. If you are study this article and think that you might assume into the category of rude people with your ingest inconsiderate behavior stop now, and find ways to spreadhead courtesy instead.Do You Have a Bad spot? Remember those posters in the halls of your elementary schooltime? The ones that said pose is everything or place A shortsighted thing that makes a big difference They seemed silly at the time, but these lyric of wisdom are appropriate no matter what age you are. So hows your attitude? Find out if you have a problem with this boastful attitude quiz. position This Article presently 3/5 Stars. 1 2 3 4 5 (Votes 69) (Avg 4. 30) Sponsored by

Project Proposal Hypertension in Saudi Arabia Research

Project Hypertension in Saudi Arabia - Research Proposal Example so for adequate health promotion, community participation, development of skills, supportive environments, health public policy and reorienting services are very essentiation. Of these, community participation plays a major role in the prevention, early detection and management of any disease. In this essay, the role of community participation in prevention and management of hypertension entrust be discussed in an effort to gain funds for accomplishment of project related to development and establishment of community awareness and community participation in hypertension, with intentions to decrease the incidence and prevalence of the disease and also reduce mortality and morbidity related to it.The main aim of this project is to enhance the knowlege of all Saudis preceding(prenominal) 30 years of age about the benefits of early detection and appropriate management of hypertension and thereby allowing the community t o take part in confused aspecting of decision-making in health care and services pertaining to health care. The objectives areActive involvement of wad from communities preparing for, or reacting to, disasters is known as community participation. Involvement of the people concerned in analysis, decision-making, planning, and programme implementation, aswell as in all the activities is known as true participation. The WHO suggests community participation as adept of the means of health promotion. Infact, one of the goals of primary health care movement is community participation at various levels of decision making in health like planning, evaluation and management of health services and also ones health. Community participation involves increasing the knowledge and awareness of the community pertaining to the pro grammes and projects concerned to the disease, authorization of the people to exercise control in the process of decision-making

Inheritance Lab Essay Example | Topics and Well Written Essays - 500 words

Inheritance Lab - Essay Example2. Identify and record your achievable genotypes found on your phenotypes. Genotypes are represented using two solelyeles. Identify the alleles using the letters indicated below (capital letter indicates dominant allele, lowercase indicates recessive allele)3. Using your possible genotypes, identify and record all of the possible pairings of parental genotypes that could have led to your possible genotypes. Crosses are denoted in this form FF x Ff and indicates the genotypes of both parents. You should distinguish all of the possible crosses that could lead to your phenotype.Use the chart below to record the observations of your phenotypes and to record your inferences regarding your genotype and all of the possible crossings of parental genotypes that can account for your genotype. Phenotypes are denotative with a single letter related to the trait. Genotypes include both alleles and are, thus, expressed with two letters (one for each allele). Pos sible parental genotypes and crosses consist of two genotypes crossed. For instance, a freckled person will have a phenotype of F and possible genotypes of FF and Ff. One of the possible parental genotype and crosses is (FF x Ff). Be sure to list all possible parental genotypes in terms of possible crosses. Crosses are denoted in this form FF x Ff and you should list all of the possible crosses that could lead to your phenotype.It was observed that the presence of a dominant gene in the genotype always led to the expression of the dominant trait, which is seen as the phenotype. In addition, the occurrence of a true genotype could result from the crossing of several possible parental genotypes. This lab provided knowledge that recessive traits were denoted by small letters while dominant traits were denoted by capital letters. One component of my genotype came from each parent due to

Swax watch Essay Example | Topics and Well Written Essays - 250 words

Swax watch - Essay ExampleIn addition, SWAX Watch has been completely differentiated in the packaging and prices. This will exact the product quit conspicuous.The entire market coverage will be divided into various sections where as the demand of each element is addressed. The first segment will target the youth. The product will be designed to appeal to the young people through coloration and scent. We sh whole address the concern raised by the young in the market research. Similarly, some product will be manufactured to meet the need of the poor in the society. This product will be designed to be relatively cheaper and within their reach.SWAX Watch will be presented in the best ways that appeal to a vauntingly number of audiences. In this case, popular media will be used as advertising platform. Similarly, peak periods of the day will be chosen so as a large number of audience are reached. The best possible method will be used to obtain the largest number of clients.As it has be en stated, SWAX watch is targeting the youth. In this case, all its features are identified with the youth. The packaging and distribution is intended to reach to the youths in the society. In some cases, the product is designed to attain expected level of catamenia trends. This is because the youths are attracted to trendy

Principles of research and evidence based practice Essay

Principles of research and express ground practice - Essay ExampleThe focusing in this paper is on evidence-based practice in the nursing field that has gained a lot of momentum and the definitions vary. The findings of research, clinical knowledge, knowledge gathered from science, and all the medical exam expert opinions fall under what galore(postnominal) in the field call evidence although practices that are based on research findings always tend to declaration in the required patient outcomes in varied settings the geographic locations notwithstanding. According to Schofield, the impetus and desire for this evidence-based practice in matters nursing comes from healthcare practitioners, readily functional medical information. Evidence-based practice requires changes in nursing education and other aspects like practice-relevant kind of research, and closer working relationships among all the concerned groups, that is, researchers and clinicians. Evidence-based practice does provide many opportunities for the whole concept of nursing care to be a bit more effective, individualized, dynamic and streamlined. This, nevertheless, helps in minimizing the effects of the clinical judgments. In incidences where evidence is use to define some of the best practices rather than just supporting the existing practices, the profession of nursing care manages to keep pace with some of the latest technological advancements and also takes advantage, in many ways, of new medical research findings and knowledge developments. The different types of evidences vary on the basis of the fact that they are normally from different sources. This evidence based practices, often abbreviated as EBP, basically aims at applying the best valid and reliable evidencewhich has been gained by use of scientific mannerto making clinicaldecisions. This evidence for practice is extremely important in the sense that it seeks to help in assessing the strength and validity of evidence of the b enefits and risks oftreatment, or counterbalance lack of it and medical diagnostic tests. It helps clinicians to learn and be in a position to know whether given treatments plan will do more persecute or good. According to Margolis (1999, pg. 135,) the evidences quality can be accessed on the basis of the type of source, that is, fromthose clinical tests that are controlled and trials, systematic and analytical reviews ofthe double-blind variety, and not forgetting other aspects like conventional wisdom. This can also be based on other factors like clinical relevance, validity of the statistics, and currency. According to Ehrenberg (2003, pg 281,) evidence based practice recognizes the fact that most of the aspects of medical and health care depend on very particular and individual factors like quality or demeanor value judgments, and this are normally subject to scientific research methods. This evidence based practice , however, attempts to clarify those medical activities and practice parts that are prescript and part of the scientific methods and applying those methods in ensuring that bestprediction of expected outcomes in treatment of medical illnesses , even as the raging debate on what desirable outcomes should be (Ramstadius,1997,pg. 5). The research process is well known by most of the researchers in the medical field. Those involved in the carrying out of research in evidence based practice, if the current research finding are anything to go by, are well versed with the scientific research process. The systematic process that characterises research has to be strictly adhered to whenever those who intend to do any kind of medical researching .This ensures that the findings and data that is collected

Modern Business Research Methods Essay Example | Topics and Well Written Essays - 1500 words

Modern Business Research Methods - Essay Examplethrough research. Research is all about fact gathering, relating facts with a counsel idea, analysis, drawing conclusion and lastly acting and implementing. Over time, with technology emerging new avenues have been developed to collect data each and every rule of research is suited to particular requirements and factors and is used as per the benefit cost analysis of the situation. nearly aspects of the past be studied either by examine documents of the period or by interviewing individuals who have lived or have experienced during that time. An attempt is then made to study why certain things happened during that time and to apologize as to why they happened. The documents that are generally consulted include newspapers, journals and magazines that were published and especially the data government and other private agencies maintain for both commercial and have got use. The idea of conducting historical research does not indicate that it is unstructured in fact, it is systematic process of searching for facts and then using the information to describe, analyse and take in the past.The purpose of this research is to make spate aware of what happened in the past so that they may learn from past failures and successes and to see whether they are applicable to certify day problems and issues. It also assists in prediction and testing hypothesis concerning relationships or trends.FOCUS GROUPSFocus sort outs are mainly interviews that let open discussion of the topic. They are generally used to develop new ideas. It has an objective and does not generally allow the discussion to deviate from it. People in focus groups openly contend their thoughts, feelings, attitudes and ideas on the topic under the discussion. Generally, the focus group consists of 6-10 people at a time and a moderator who is responsible for facilitating the debate. The main advantage of focus group includes that views of many different pe ople are gathered at one place. Since it is less formal than the structured interviews thus participants feel comfortable sharing their perspectives. Some of the drawbacks of focus group include that the views of individual participants are generally influenced by other participants and may indulge in group think. Moreover, it is difficult to gather people in one common location at a time.SURVEYSThis method involves asking the individuals questions which might be open or close ended. Surveys can be orally done or through written questionnaires. It is helpful in gathering primary data through a large number of audiences. The beaver part of using survey as a method of research is that they can be done face-to-face, via telephone, emails, fax etc. And thus it helps the researcher setting a mass number of respondents to gather information. Surveys can be cross-sectional or longitudinal Surveys are generally done to gather informa

Biochemistry (cardiovascular biomarkers the advantages and Essay

Biochemistry (cardiovascular biomarkers the advantages and disadvantages) - Essay Examplelood sugar, ECG and ECHO provide a gross information of the cardiovascular status, estimation of risk and presence of cardiovascular disease is possible only through definite markers of the disease. The ultimate aim of pr even offtion of cardiovascular disease is to prevent end-organ injury like myocardial infarction.myocardial infarction mainly presents as pectus pain. Infact, chest pain is a common cause for attendance to emergency departments. While millions of people present with chest pain every year, only about 10- 15 percent are actually diagnosed with myocardial infarction (Pasupathi et al, 2009). Lack of appropriate diagnostic and clinical tools to discipline the presence of myocardial infarction has contributed to unnecessary hospitalization, investigations and expenses (Pasupathi et al, 2009). It is often is difficult to rule out acute myocardial infarction from several other causes of chest pain. But, in view of the high rate of morbidity and mortality associated with the condition, it becomes imperative on the part of clinician to diagnose it and treat in promptly (McPherson, 2010). While ECG is useable in diagnosing acute myocardial infarction, it is not a very sensitive and specific test for diagnosing the condition (Statland, 1996). Infact, in more than 50 percent cases, ECG is non-diagnostic with atypical features (Statland, 1996). Over several years CK-MB was the gold standard for diagnosing acute myocardial infarction. However, recent research has tarnished the image of even that test and troponin testing has replaced that (Statland, 1996). As of now, the search for ideal cardiac marker continues and currently, a combination of more than one marker is used to establish right diagnosis and prognosis. Ideal marker for use in clinical cardiology would be that which is cardiac specific, that which rises immediately after infarct begins, that which after e levation, remains in the argument for some time, that which is easy to measure, that whose measurements

Positive Communication Climate Essay Example | Topics and Well Written Essays - 750 words

Positive Communication Climate - Essay ExampleThis bear determine if they are willing to communicate when another(prenominal) time for interaction between them comes. Positive communicating has the power to attract people to others. People, therefore, must learn how to interact. It concerns the importance of the improvement of social, ain and professional relationships. This study will review such importance, and how it affects people around the world today. There is need to have established guidelines that help wee a wonderful talk climate. This means that without these guidelines there would probably be limited interactions among people in the world. Thus, personal relationships would be affected. Social reckoning among people would deteriorate and professional relationships would be jeopardized in this case (Adler, 2010). This has been the case for many decades. It may probably be the case for many more decades to come. One of the converse guidelines that exist is trust. F or people to awake(p) harmoniously there must be trust. This is what the main relationships foundation is based on. Professionally, an organization must have trust among its employees so that everything can get done in a proper way. This is the only way that the organization can grow and withstand the test of time. Trust enables one to understand that the other party in the organization can act as promised and hold up the end of the bargain (Adler, 2010). Openness can enable the communication climate to be much better. This is because no secrets that may cause harm to others are being held back. It is where the disclosure of information is very open (Adler, 2010). It ensures that people are at liberty to protect each other from harm with the full disclosure of information. The openness allows the expression of feelings in any relationship, which is quite important. In personal relationships, openness can determine whether it will grow and flourish or die down. Being positive is an other way to improve communication among people. The decisions do in everyday life can be do much easier if support is received from those around the decision maker. This support system can create avenues for all the rest to be heard. They can use this avenue to put some of their suggestions across. Information is better exchanged in a supportive communication channel (Adler, 2009). This means that, professionally, support can speck to the creation of the perfect working environment. In a personal relationship, the advantages brought on by being supportive from either party ensure the relationships growth. This is because each party looks up to the other party for support in everything they do. If they do not view as on something, they have to find an amicable solution to the presented situation (Adler, 2009). Investment from all parties involved in any relationship must be made at all times. This provides better understanding among everyone. In professional relationships, the t ime taken in an organization is tantamount in knowing what the organization necessarily to get better. Personal relationships need investment to ensure that all parties get what they desire. Without it, there is a risk that the parties involved may feel unappreciated. This may lead them to be unresponsive. Being unresponsive can ruin any communication climate that may have existed in the relationship (Kanu, 2010). Professionally, an organization can let an unresponsive employee go. So can a partner in a personal relat

IKEA Inc. United Kingdom (UK) operation Essay Example | Topics and Well Written Essays - 2000 words

IKEA Inc. United Kingdom (UK) operation - Essay ExampleIKEA was founded in Sweden in 1943 by Ingvar Kamprad Elmtaryd Agunnaryd. The societys name represents the initials of its founding father. Since the begging Mr. Kamprad had the vision of creating furniture merchandises of good quality in which he applied low cost solutions to lower the prices. IKEA has grown hugely over the years to become a global enterprise. Currently the company has 220 stores in 33 countries. In the United Kingdom the company has 15 stores. The product offering consist of over 11,000 articles. The great variety, innovative designs, and low prices are some of the reasons customers keep coming back to IKEA for their furniture needs. Exhibit A shows a graph of IKEA worldwide sales. In 2005 IKEA sales were 14.8 billion euros.IKEA utilizes low cost, green furniture and e-retailing strategies to grow its business. The United Kingdom is a country with a blind drunk economy that the company has targeted as a loca tion to expand its business. Designing products to meet the needs of the customers and constant market research will allow the company to expand its global empire.Political and Economic ForcesThe United Kingdom of Great Britain and Northern Ireland is one the worlds most powerful nations. It is a instalment of the Group of Eight (G8), whose inclusion means the country is one of the top eight industrialized countries in the world. ... Managerial ImplicationsIKEA is a company with a proved long-term strategy. The companys great product variety, low prices and logistics has helped them become a global player in the furniture business. They have focused in the European market, which opens 81% of their corporate revenues. A glaring weakness is the fact the company has not entered the South American market. In South America there are many developing economies such as Brazil and Chile should be targeted in future expansion plans. The US market is another sphere which has a lot of pote ntial for growth. Currently only 11% of their sales are generated in the United States. The company should study what has worked in their US stores and hope that knowledge to increase their market share. Multiply viability studies must be underway to scout new locations for establishments in this region.IKEA has utilized catalogs and the internet as marketing tools to generate sales. The United Kingdom is a great place to test new technologies and realize market research. The business e-commerce strategy would be enhanced if the company authentic or acquire a technology to identify the entry of new users into the internet. The companys corporate website utilizes a lot flash technology and animations which want users to have a high-speed internet connection. Refinements and web site optimization techniques could help the company increase its online traffic.

Choosing Technology to Meet a Need Essay Example | Topics and Well Written Essays - 500 words

Choosing Technology to Meet a Need - Essay Exampleinclude a high quality display system to showcase finished project projects, a central unit that is compatible and with modern day design delicate wares, command input devices, a safe back up storage system, cooperate display system, image capture and internet connection (Labuz 47).The core i5 central processing unit is provides great graphics and multi-tasking platform because it mechanically speeds up since it has an incorporation of Intel turbo boost technology. The boost and a 4 way multi-tasking processing ability can modify it handle very high memory demanding graphic software without slowing down.The wake fast Intel responsive hard disc wakes up very fast- at heart seconds- hence the ability to resume to work without delays. The same capability is essential because it minimizes power consumption-since it operates on a ultra-low consumption.Adobe Photoshop and adobe illustrator are graphic design softwares with modern design tools this enables easy, quick manipulation of images and editing with the high quality outcomes in a professional set

Finance Essay Example | Topics and Well Written Essays - 2000 words - 7

Finance - Essay ExampleThe global nature of business enterprise operations has given rise to foreign currency denominated transactions. This means that the companies dedicate a significant amount of foreign currency receivables and payables in their financial statements. wherefore any adverse movement in the exchange rate can have a serious impact on the profitability position of the company. For this reason out the companies hedge their position using financial derivative products like foreign currency options, forward contract, currency swaps, currency futures etc. The modernization of financial markets and the resultant development of advanced hedging techniques mean that the companies no more rely only on the traditional hedging methods rather now they employ sundry(a) financial instruments to protect the value of their receivables. Many studies have been conducted about the foreign currency hedging practices of the companies.Academic literature relating to hedging has deve loped various theories that beg off the incentives derived by an individual from hedging. Hedging protects the position of the hedger. Keynes states explicitly that the process of hedging eliminates risk (Ullrich, 2009, pp.107). In fact the financial derivatives can also be utilize for making speculative gains. This can be done by the companies who maintain a specialized risk management department as these professionals can feature a position based on market anticipations.Various studies have been done to find as to why the firms hedge their overseas exposures. Some of these studies have focused on the usage of hedging tools like foreign currency derivatives and foreign currency debt (Judge, 2003). The strategy is chosen on the basis of the term of the exposure. For short-term exposures one expects that the firms will rely on derivatives. The long term exposure can be hedged using methods like issuance of debt and geographical plus diversification. A

Health communication theory application paper Essay

Health communication theory application paper - Essay ExampleAs suggested by estimates, billions of dollars are slothful due to the unnecessary medical checkup procedures every year. Nine major groups of physicians mystify identified 45 medical procedures and tests that are recommended by doctors regularly but they have been proved to have no benefit for the majority of the patients, and at times such medical procedures can also prove to be detrimental for the medical condition of the patients. The article refers to an article by Dr. Howard Brody that sheds light upon the ethical issues in health care. Such articles help bring awareness among the patients which is one of the aspects of the article coroneted Technology as the Representative Anecdote in Popular Discourse of Health and Medicine by Lynn M. Harter and Phyllis M. Japp. Technology, specifically mass media, plays an important role in making the patients aware regarding the medical procedures.According to Dr. Brody, one o f the reasons behind the rising health care costs is that medical groups are non actively severe to bring the health care costs downwards and they are more concerned about keeping the incomes of the doctors too high. The article further suggests that medical groups should let on lists of medical procedures and treatments that have not proven to be beneficial in the process of diagnosis. The elimination of such tests and treatments will help in cutting down the health care costs without causing any deprivation of the medical benefits to the patient. Some of the specialty groups that were included in the list of the groups that used unnecessary medical procedures were oncology, cardiology, radiology and primary care. Some of the tests and treatments that were proposed to be eliminated were brain imaging scans after fainting, antibiotics for uncomplicated sinus infections, cardiac stress tests for annual checkups in patients who do not show any symptoms regarding any cardiac proble m, bone scans for early breast and prostate cancer patients who have low

Health Traditions Essay Example | Topics and Well Written Essays - 1250 words

Health Traditions - Essay ExampleAs the discussion highlights cltural imposition- ethnical imposition is the tendency by a give to apply the majority purification on every unmarried without any further probing. Cultural imposition has led to the abuse of other community cultures. Through the heritage kit, a nurse shall know the different cultures of every individual. This will help him deal with every patient at individual cultural direct. For instance, there are cultures which do not allow the eating of certain foods that majority eats. Therefore, the health provider must not recommend such food to the individual, as that will be cultural imposition. Cultural sensitivity- this is when both verbal and non-verbal language is used in a very respectful way as not to offend any individual in the community. For this reason, a health provider will be obliged to use more polite language when handling clients. Some words may be universally accepted but prohibited by a certain community. By assessing a family using the heritage kit, a health provider shall be able to deeply understand the language norms of that particular community and thus help him avoid the use of certain words on patients.From this melodic theme it is clear that diversity- diversity is the general variation in the society. When an assessment carried out using the heritage is closely evaluated, a heath provider gets to know the level of diversity in a particular community. He will be able to know in exact numbers, for instance, how many orphaned children are in the community so that they can be provided for.

Research questions Assignment Example | Topics and Well Written Essays - 250 words - 3

Research questions - Assignment Example tender media is making people more intr overted because it cuts of asynchronous communication. Considered a form of social media, social networking sites have altered the way people communicate, interact and respond, in particular reference to personal and professional relationships. Communication over the phone is considered more trivial than actual human interaction. This is beyond the comprehension as technology has truly taken over from all aspects, including doing easy tasks. Social media has overly taken an every human task and has automated it with a personalized tasks such as texting or tweeting someone.Social media has become a gigantic source of creating an introverted generation in which stion remains- has the Internet produce a thinking and analysis in children? Are We Losing Our Ability to Think Critically?, an minute article written by Samuel Greengard certainly agrees with this phenomena. As a matter of fact, conducive research statistics indicate this to be a vital force as many children use GOOGLE as a search

THINKING HISTORICAL ASSIGNMENT Essay Example | Topics and Well Written Essays - 500 words

THINKING HISTORICAL ASSIGNMENT - Essay ExampleMoreover, President Wilsons decision was primarily motivated by the Germanys resumption of undersea attacks on passengers and merchant ships in the year 1917.As a result of subsequent attacks on unarmed passenger ships by the German army, the united states was obligate to set certain terms and conditions that would prohibit this act. This treaty is called Sussex pledge. Violation of this agreement by the German government primarily motivated the United States entry in World War 1. The military leadership in Germany was however convinced that resumption of unrestricted submarine warfarefare would enable it to defeat the British inside five months, thus they went forward and violated the pledge.However, this decision was conflicted by Theobald von Bethmann-Hollweg. He claimed that violation of the pledge would motivate the American government Participate in the war on behalf of the Allies and he claimed that this would result in the Germa n defeat in the war. Thus the common memory is reinforced since the violation of the pledge resulted in United States entry into the World War 1.The U.S. propaganda with the picture of a lady was meant to motivate women to contributed capital that would sustain and give support to the army. It had the following writings on it WOMEN OF AMERICA SAVE YOUR COUNTRY Buy WAR SAVINGS STAMPS. This message was conveyed by the treasury department of United States America. Thus, propaganda uses a technique that appeals for feeling. The propaganda was however been triple-crown since women were not involved in the war directly so they hard to support their countrys army financially. The technique employed by the propaganda appeals for emotion thus obliging women to support the country. The propaganda was successful due to the fact that the American army received support in varied form, varying from wheat to money while on the war front.War propaganda definitely played a significant role in Wor ld War 1 for most

How war dehumanizes people Essay Example for Free

How war dehumanizes commonwealth EssayDuring the war people were deprived of their everyday necessities and overly their living conditions, They never got the luxury of sleeping in big warm clean beds or even clean clothes therefore changing the look they act and the way look at things such as murder. During the war you go through the trenches and fields watching people die, and even killing people themselves. Everyday people would not be able to just sit there and watch someone as they slowly die. The narrator of this novel, Charles Yale Harrison was enlisted in the war. Charles explained everything that went on during is outings, some of which were pretty harsh and intense I could only imagine some of the things that he probably was not allowed saying. Charles had a few main buddies whom stuck by his side and fought with him. In this novel he tells us the things he saw some of the things he explained were pretty gory, for example he watched people as their class tore off a nd blood gushed everywhere.War definitely dehumanizes people for the most part. Soldiers dont have as much sympathy for the people who ar dying its almost as if they really dont care but being that must be kind of necessary for a soldier because you cant really sit there and cry over a friend who is dying while your enemies were slowly creeping up on your base. During war you do things you never thought you could ever do in your lifetime such as stabbing someone in the contribute or shooting a man in the face. I lunge forward aiming at his stomach. It is a lightning instinctive moment. The thrust jerks my body something heavy collides with the arcdegree of my weapon. Charles says. I doubt Charles would have ever been able to do this without spending months in war, with the same platoon and even watching them all slowly die.

Impacts of Negative Leadership Essay Example for Free

Impacts of Negative Leadership EssayLeadership carries considerable influence and responsibility within whatsoever organization. Leaders are ch everyenged daily with how to make do this influence effectively. Communication plays a key role in this approach and can shake significant impacts to the attraction and their staff. The purpose of this paper is to explore the impacts of ostracise leadership look regarding communication and effects on the team as well as the overall organization. Experience with Negative Leadership Behavior everywhere my career, there have been negative leadership behaviors experienced with both now mangers and senior management. One of the to the highest degree destructive is lack of communication. Recently, an executive manager was spill to be out of the office for an entire week. This leader has four direct reports of which three are group leaders. The executive manager casually mentions to one of the direct reports that she will be out of th e office the following week at a seminar. The direct report appropriately relays this information to their team supervisor to get by any concerns or open issues in advance of this absence. The same communication was not made to the remaining three direct reports, in any form, by the executive manager.As the business week of the absence began, the other three direct reports incur an issue require assistance from the executive manager. These managers were rendered unproductive and odd wondering when the leader was going to be in the office so that they can discuss the problem at hand. During subsequent discussions, the team supervisor conscious of the absence is the one to notify the other three direct reports that their direct manager was out for the week. The gap in communication impacted the teams noted plainly also other service partners and finally the client due to the delays in resolving the issue timely.It is also important to note that this is not an isolated fortuity b ut had happened previously having similar impacts to the same parties noted above. Analysis of Leadership Behavior The leadership behavior described in this experience appears straightforward at the surface but is far reaching in its impact to the firm. The leader showed consistent lack of personal integrity as well as consider and empathy for her staff by not relating her accessibility on a regular basis. It impacts the morale of the direct reports and deteriorates their working relationships ability to collaborate.The leader did not inform all direct reports of her absence. Without a collective knowledge, a subset of the larger reporting team was less effective and efficient during this time. This also created a gap in escalation when issues arose. in conclusion it weakens the culture of inclusion. By being excluded, part of the management staff experienced a decrease in satisfaction subsequently affecting their overall performance. scratch is a by product as well of this nega tive behavior. Supporting Research of Negative Leadership BehaviorFor it is function through which leadership is exercised, it is character that sets the example and is imitated in turn. The more successfully tomorrows manager does his work, the greater will be the integrity required of him. No yield what a mans general education or his adult education for management, what will be decisive above all, in the future tied(p) more than in the past, is neither education nor skill it is integrity of character stated Drucker (1954) reiterating the important of reliability in leadership positions. Leading by example creates the ability for the team to tangibly see this character on a daily basis.Additional leadership duties like consideration and management of emotions are proper more important in the leader-membership interaction per Meike, Jacobs Soares (2012). As these duties increase so will the need for leaders to develop empathetic skills with regard to their staff. This will e ntangle appreciation, trust and open communication. Per Fuller and Green (2005), leaders are responsible for embedding strategy in the organization by developing an excellent team, picking the remedy roles and allowing the rest of the team to make the strategic moves.This requires teams that can function in unison with high level of collaboration. Lack of communication will cause a disjointed approach affecting the imaginativeness of the organization ultimately impacting the firms success. Hoffman, Bynum, Piccolo and Sutton (2011) noted that transformational leaders are able to articulate a vision that emphasizes the way in which collective goals are consonant with follower values, causing followers to regard organizational goals as their own and submit extra enterprise toward goals and accomplishments. This sets the groundwork for a culture of inclusion within an organization. When strongunified behavior, values and beliefs have been developed, a strong organizational cultures d oes emerge per Tsai (2011). Leaders have a primary role in growing and upholding the firms culture. It encourages performance and leads to long lasting job satisfaction. When this is not present, organizations will see change magnitude conflict, reduced dialogue between managers and teams and a progressively dysfunctional environment. According to social identify theory, unfair treatment from supervisors may arouse a negative identification which in turn leads employees negative behaviors in organizations as outlined by Duan, Lam, Chen and Zhong (2010).This emphasizes the pattern of negative leadership behavior that has the ability to displace throughout the entire organization is not addressed. Recommendation for Strengthening Leadership Behavior Leadership is a dynamic, ever changing role and requires the leader to be aware of her own behavior and the potential impacts of this behavior on the team. In this situation, the leader needs to understand the value of leading by example . For the team to give the leader for her depth of knowledge and broader perspective, a level of reliability needs to be established.From a time management standpoint, simple steps like share-out the leaders calendar with direct reports could alleviate this issue on a go-forward. This type of planning and organization will benefit the leader as well as the staffs perception of her abilities and character. Interpersonal skills like active listening, feedback and conflict resolution are critical as well for any leader. Being able to engage her direct reports and the larger staff in a meaningful way will allow for the team dynamic to error to a positive state.These relationships can be developed through mentoring and engaging the direct reports in projects or other work the leader is responsible for providing cortical potential to her managers of the next level and current challenges of the firm. This end to end view develops the direct reports as well as building a more full corpo real relationship with the leader. The impact to the organization also needs a voice n acknowledging the effects of this negative behavior. The leader is accountable for the resulting impacts of any action they proceeds while representing the firm.In this case, the lower performance and higher(prenominal) attrition are concrete costs to the organization. The leader needs to answer for the consequences ofher behavior to a higher power like senior management, stock holders or similar. Conclusion Negative leadership behavior comes in many forms and lack of communication is one of the most pervasive. This paper provides an example of this type of negative leadership and the effects to the staff and organization. It also provides an outline of productive steps to modify the leaders behavior and limit the adverse impacts in the future.References Duan, J. , Lam, W. , Chen, Z. , Zhong, J. A. (2010). Leadership justice, negative organizational behaviors, and mediating effect of affective c ommitment. Social Behavior and Personality, 38(9), 1287-1296. doi 10. 2224/sbp. 2010. 38. 9. 1287 Drucker, P. (1954). The practice of management. New York, NY Harper Row. Fuller, J. N. , Green, J. C. (2005). The leaders role in strategy. Graziadio Business Review, 8(2). Retrieved from http//gbr. pepperdine. edu/2010/08/the-leaders-role-in-strategy/ Hoffman, B. J. , Bynum, B. H. , Piccolo, R.F. , Sutton, A. W. (2011). Person-organization value Congruence How transformational leaders influence work group effectiveness. Academy of Management Journal, 54(4), 779-796. Meike, S. , Jacobs, K. , Soares, M. M. (2012). Emotions and leadership. Reason and impact of emotions in the organizational context. Work, 41, 5671-5673. doi 10. 3233/WOR-2012-0915-5671 Tsai, Y. (2011). Relationship between organizational culture, leadership behavior and job satisfaction. BMC Health Services Research, 11(1), 98-106. doi 10. 1186/1472-6963-11-98

Analyze Donne’s Duplicity as a Lover in His Poems Essay Example for Free

Analyze Donnes Duplicity as a Lover in His Poems EssayJohn Donne is not only the greatest dear poet of his time, but besides surpasses the limitation of times. Donnes greatness as a love-poet arises from the fact that his poesy covers a wider range of emotions. He was the first English poet to ch every(prenominal)enge and break the supremacy of Petrarchan tradition. Though at times he adopts the Petrarchan devices, yet his imagery and rhythm, texture and color of his love poetry is different. There are three distinct strains of his love poetry Cynical, Platonic and Conjugal love. The insolate acclivitous is one of Donnes popular and widely hear love metrical compositions. It is love poem of an unusual kind. In this poem the poet buffer reprimands the temperateness and calls it names for disturbing love making. Here as a lover Donne exaggerates his love and his beloved so oft that it overlaps the Petrarchan love poetry also.He addresses the Sun as busy old fool. He calls it unruly because, by peeping in to the bedroom through windows and curtains it disturbs the lovers. The poet-lover tells the Sun that lovers seasons do not run to its motions. He advises the Sun to go and do such routine and dull jobs the like chiding late-schoolboys and apprentices, waking up court-huntsmen and peasants. Love knows no season, no climates. It is not affected by time. The poets wit is so clear when he tells the Sun that he has no reason to think that his beams are so reverend and strong. The poet lover could eclipse and could the beams of the Sun with a wink. He does not do so because he does not wish to loose her right so long.He says Thy beams so reverend and strongWhy shouldst thou think?I could eclipse and cloud them with a wink.But that I would not lose her sight so long.The poet-lover knows that the Sun would go to the other half of the world and behave to that place at this time tomorrow. The poet-lover asks the Sun to go round the world, see all Kings, co me back tomorrow and say if both the Indias of change and mine . He says to leave them alone and to let them love. Again, he says, his beloved is represents the whole world, East Indies and the West indies because of her sweet fragrance and her glitter. Here Donne uses highly hyperbolical haggle for her beloved. He says again that his beloved is all the states and he is the prince of this state, nothing else matter to him, and nothing else exist for him, except he and his beloved. She is all the state, and all princes I vigor else is.Furthermore, compared to their love all honours mimick, all wealth alchemy. In the latter imagery there is an allusion to the medieval belief in the powers of magic and so forth In this particular poem Donnes praise for his beloved reaches at the height that is incomparable to nothing. However, we find the opposite side of the coin in the poem namely Go and Catch a Falling Star. Here we find Donnes duplicity as a lover. In The Sun Rising we find Donn e passionate and sensuous as a lover, but in Go and Catch a Falling Star he is very much cynical as a lover. He does not believe in truthful love. We find Donnes misogynistic attitude here. The poem starts by challenging to occlusion a falling star. The falling star can signify something bright and beautiful that has come to an end and how difficult it is hold on to this goodness for ever.It also suggests trying and making a wish and seeing if it comes true. In fact it is as difficult to catch a falling star as it is to modernise with child a mandrake root which shows the stark contrast of getting a child which is something innocent and joyous to a mandrake root which is use in witchcraft to wish death on someone. Again the contrast of living and the positive is contrasted with death and negativity. Donne here presents m some(prenominal) impossible tasks and says to find a true woman is as impossible as the tasks are. He says it is impossible to remember the past years, to listen the mermaid song, and to find the person who clove the Devils foot. According to Donne, it is impossible to find a loyal and chaste woman. The poet, through irony and exaggeration suggests the impossibility of the undertaking to discover a true and lovely woman. According to him And swearNo whereLives a woman true, and fair.He believes fair women will have lovers and therefore it is not possible for them to be faithful to any of them. If anyone ever found thenThough she were true when you met her,And last till you write your letter,Yet sheWill beFalse, ere I come, to two, or three.To him to find a true and fair woman is not a herculean task rather it is impossible. Here we find the duplicity of Donne. He is here misogynist and believes true love cannot be found because of womens fickleness. Women are inconsistent and for that reason true love cannot be found, as a woman use to love so many suitors. He criticizes the women race and spares no words to ridicule them. Here his misogyn istic attitude shows that he has very little respect for love. In The Sun Rising we find him as a pure lover, who believes in solely love.He praises his beloved and the placed her with the Olympian goddesses. He same Donne in Go and Catch a Falling Star shows abominable attitude towards love and towards women race. He skeptically believes that women are neither deities nor liberaly honest they possess all the human shortcomings. Thus Donnes attitude towards women is materialistic, pessimistic, and occasionally misogynistic. This contradictory attitude as a lover makes him unique.Donnes love poems are rich with motley mood and attitudes. Two opposite sides as a lover is found in this both poems. In one poem he exaggerates his beloved and idolise her, on the other poem he says women race is perverted race. Two contradictory ideas are given by the same poet. One poem is full of passion and the other is full of abhorrence.

Impact of Financial Leverage on Investment

Impact of Financial Leverage on investingThe term Investment is frequently gived in jargon of economics, blood management and finance. According to economic theories, investiture jacket is defined as the per-unit production of goods, which have non been consumed, besides testament however, be employ for the purpose of rising production. The decision for enthr ane(a)ment, too referred to as bang-up budgeting decision, is regarded as one of the key decisions of an entity.Leverage is a manner of merged storageing in which a spicyschooler proportion of money is raised through borrowing than universalplace issue. It is metrical as the ratio of match debt to original assets greater the sum up of debt, greater the pecuniary supplement. Financial Leverage is the ability of a companionship to earn very much on its assets by taking on debt that al baseborn-toneds it to buy or invest to a greater extent in ensn ar to expand.Nowadays financial supplement is vi ewed as an cardinal attribute of bang-up bodily social organization a hugeside rightfulness and kept up(p) earnings. Financial supplement benefits common stockholders as long as the borrowed funds generate a return greater than the speak to of borrowing, although the extendd risk dejection root the general live of cap.In the past years, a fully grown body of the literary works has deliver the goodsd robust observational evince that financial eventors have a probative impact on the coronation decisions of heartys. While traditional research on investing was based on the classic theory of optimal capital accumulation (where under the assumption of perfect capital foodstuffs, the cost of finance does not depend on the firms financial position), more recent literature has more and more incorporated frictions such as asymmetric info and theatrical problems as a source behind the relevance of the horizontal surface of financial pressure go about by the fir m in determining the availability and the cost of international supportThis chapter will seek to enclose literature on the impact of financial leverage on investiture and other factors that may affect enthronization in firms.1.1 Modigliani milling machine (MM) 1958 theory with no receiptsIn what has been hailed as the virtually influential set of financial papers ever published, Franco Modigliani and Merton Miller addressed capital body structure in a rigorous, scientific fashion, and their study set moody a chain of research that continues to this day.Modigliani and Miller (1958) considerd that the investiture funds policy of a firm should be based only on those factors that will increase the gainfulness, hard currency full stop or net worth of a firm.The MM view is that companies which operate in the same type of business and which have similar operate risks must have the same total think of, irrespective of their capital structures. It is based on the belief that the value of a company depends upon the next operating income generated by its assets. The means in which this income is split amidst returns to debt holders and returns to honor should make no difference to the total value of the firm. Thus the total value of the firm will not change with gearing, and therefore neither will its Weighted Average Cost of Capita (Pandey, 1995).Many empirical literatures have ch aloneenged the leverage irrelevance theorem of Modigliani and Miller. The irrelevance proposal of marriage of Modigliani and Miller will be valid only if the perfect grocery assumptions underlying their analysis are satisfied down the stairs the original MM propositions, leverage and investment were unrelated. If a firm had profitable investment projects, it could obtain funding for these projects regardless of the nature of its current balance sheet.1.2 Modigliani Miller 1963 theory with taxationM M (1963) be that the corporation tax system carries a distortion unde r which returns to debt holders (interest) are tax deductible to the firm, whereas returns to equity holders are not. They therefore reason that geared companies have an advantage over ungeared companies, i.e. they pay less tax and will have a greater food market value and a land WACC. Following this research, the consensus that emerged was that tax is unconditionally correlated to debt (Graham 1995, Miller 1977) and is considered a major settle in the debt policy decision.Modigliani et al (1963) argued that we should not waste our exceptional worrying capacity on second-order and largely self correcting problems like financial leveraging. That is firms should not be worried more or less offset as long as they have good projects in hand, since they will always be able to image means of financing those projects.1.3 The tradeoff ModelsSome of the assumptions inherent in the MM model can be relaxed without changing the basic conclusions as argued by Stiglitz (1969) and Rubenste in (1973). However, when financial distress and agency costs are considered, the MM models are altered earthshakingly. The addition of financial distress and agency costs to the MM model final issuings in a tradeoff model. In such a model, the optimal capital structure can be visualized as a trade-off betwixt the benefit of debt (the interest tax shield) and the costs of debt (financial distress and agency costs) as innovateed by Myers (1997)The trade-off models have intuitive appeal because they lead to the conclusion that both no-debt and all-debt are bad, objet dart a moderate debt aim is good. However, the trade-off models have very limited empirical support, Marsh (1982), suggesting that factors not incorporated in this model are also at work.Jensen and Meckling (1976) invoked a moral casualty argument to explain the agency costs of debt, proposing that high levels of debt will induce firms to opt for excessively risky investment projects. The fillip for such a reloc ation is that limited liability provisions in debt contracts imply that risky projects will reserve higher mean returns to the shareholders zero in low states of nature and high in good states. However, the higher probability of default will induce investors to demand either interest rates premiums or bond covenants that restrict the firms future use of debt.1.4 Pecking-Order TheoryInitiated by Donaldson (1961), the Pecking-Order theory argues that firms simply use all their inwroughtly-generated funds first, move down the pecking order to debt and past lastly issue equity in an attempt to raise funds. Firms follow this line of least resistance that establishes the capital structure.Myers noted an inconsistency amid Donaldsons sufferings and the trade-off models, and this inconsistency led Myers to name a new theory. Myers (1984) suggested asymmetric information as an commentary for the heavy reliance on retentions. This may be a situation where managers have bother to more information about the firm and know that the value of the shares is greater than the current market value. If new shares are issued in this situation, there is a surmisal that they would be issued at a too low price, thereby transferring wealth from existing shareholders to new shareholders.1.5 Investment and Leverage angiotensin-converting enzyme of the main issues in merged Finance is whether financial leverage has any performances on investment policies. The corporate world is characterized by various market imperfections, due to transaction costs, institutional restrictions and asymmetric information. The interactions in the midst of management, shareholders and debt holders will generate frictions due to agency problems and that may result in under-investment or over-investment incentives. Whe neer we refer to investment, it is meaty to distinguish between over- investment and under-investment.In his model, Myers (1977) argued that debt can create an overhang effect. His i dea was that debt overhang reduces the incentives of the shareholder-management coalition in take of the firm to invest in positive net- grant-value investment opportunities, since the benefits accrue, at least partly, to the bondholders rather than accruing fully to the shareholders. Hence, super levered firms are less likely to exploit valuable harvest-festival opportunities as compared to firms with low levels of leverage. lowinvestment theory centers on a liquid state effect in that firms with large debt commitment invest less, no matter what their developing opportunities (Lang et al, 1996). In theory, even if debt creates potence underinvestment incentives, the effect could be hurt by the firm taking corrective action and lowering its leverage, if future growth opportunities are recognized sufficiently proto(prenominal) (Aivazian Callen, 1980). Leverage is optimally cut by management ex ante in view of projected valuable ex post growth opportunities, so that its imp act on growth is attenuated. Thus, a forbid empirical relation between leverage and growth may arise even in regressions that control for growth opportunities because managers reduce leverage in anticipation of future investment opportunities. Leverage simply signals managements information about investment opportunities. The possibility that leverage expertness substitute for growth opportunities is referred to as the endogeneity problem.Over-investment theory is another problem that has received much attention over the years. It is described as investment expenditure beyond that required to economize assets in place and to finance positive NPV projects. In these kind of situations, conflicts may arise between managers and shareholders (Jensen,1986 Stulz,1990). Managers seek for opportunities to expand the business even if that implies undertaking poor projects and step-down shareholder worth in the company. Managers abilities to carry such a policy is restrained by the availa bility of notes scarper and further tightened by the financing of debt. Issuing debt commits the firm to pay funds as interest and principal, forcing managers to service such commitments with funds that may have otherwise been allocated to poor investment projects.Thus, leverage is one mechanism for overcoming the overinvestment problem suggesting a negative kindred between debt and investment for firms with weak growth opportunities. Too much debt also is not considered to be good as it may lead to financial distress and agency problems.Cantor (1990) explains that highly leveraged firms show a heightened sensitiveness to fluctuations in notes fall and earnings since they face substantial debt service obligations, have limited ability to borrow additional funds and may spirit extra pressure to maintain a positive notes flow cushion. Hence, the net effect would be reduced levels of investment for the firm in question.Accordingly, Mc Connell and Servaes (1995) have examined a large sample of non financial United States firms for the years 1976, 1986 and 1988. They showed that for high growth firms the relation between corporate value and leverage is negative, whereas that for low growth firms the relation between corporate value and leverage is positively correlated. This trend tends to indicate that to maximise corporate value, it is preferable to keep down leverage to a low level and to increase investment.Lang, Ofek and Stulz (1996) used a pooling regression to estimate the investment comparison. They distinguish between the impact of leverage on growth in a firms magnetic meaning business from that in its non-core business. They argue that if leverage is a proxy for growth opportunities, its contractionary impact on investment in the core segment of the firm should be much more pronounced than in the non-core segment. They bring that there exists a negative relation between leverage and future growth at the firm level. Also they argued that deb t financing does not reduce growth for firms known to have good investment opportunities. Lang et al document a negative relation between firm leverage and accompanying growth. However, they come about that this negative relation holds only for low q firms, i.e. those with fewer profitable growth opportunities. Thus, their findings be to be most unchanging with the view that leverage curbs overinvestment in firms with poor growth opportunities.Myers (1997) has examined possible difficulties that firms may face in raising finance to pass off positive net present value (NPV) projects, if they are highly geared. Therefore, high leverages may result in liquid state problem and can affect a firms ability to finance growth. Under this situation, debt overhang can contribute to the under-investment problem of debt financing. That is for firms with growth opportunities, debt have a negative impact on the value of the firm.Peyer and Shivdasani (2001) provide evidence that large increas es in leverage affect investment policy. They report that, following leveraged recapitalizations, firms allocate more capital to business units that produce greater change flow. If leverage constrains investment, firms with valuable growth opportunities should select lower leverage in order to avoid the risk of being forced to bypass some of these opportunities, patch firms without valuable growth opportunities should choose higher leverage to bond themselves not to waste exchange flow on unprofitable investment opportunities.Ahn et al. (2004) document that the negative relation between leverage and investment in diversified firms is significantly conceptiveer for high Q segments than for low Q business segments, and is significantly buckramer for non-core segments than for core segments. Among low growth firms, the positive relation between leverage and firm value is significantly weaker in diversified firms than in focused firms. Their results suggest that the disciplinary benefits of debt are partially offset by the additional managerial discretion in allocating debt service to unalike business segments within a diversified organizational structure.Childs et al (2005) argued that financial tractability advertises the choice of swindle-term debt, thereby dramatically reducing the agency costs of under-investment and over-investment. However the reduction in the agency costs may not encourage the firm to increase leverage, since the firms sign debt level choice depends on the type of growth options in its investment opportunity set.Aivazian et al (2005) analysed the impact of leverage on investment on 1035 Canadian industrial companies, covering the period 1982 to 1999. Their study examined whether financing considerations (as measured by the extent of financial leverage) affect firm investment decisions inducing underinvestment or overinvestment incentives. They found that leverage is negatively related to the level of investment, and that this n egative effect is significantly stronger for firms with low growth opportunities than those with high growth opportunities. These results provide support to agency theories of corporate leverage, and especially to the theory that leverage has a disciplining place for firms with weak growth opportunities1.6 Investment, Cash Flow and Tobins QIt was traditionally believed that cash flow was important for firms investment decisions because managers regarded internal funds as less expensive than external funds. In the 1950s and sixties, this view led to numerous empirical assessments of the role of internal funds in firm investment behaviour. These studies found strong relationships between cash flow and investment.Considerable empirical evidence indicates that internally generated funds are the primary way firms finance investment expenditures. In an in-depth study of 25 large firms, Gordon Donaldson (1961) concludes that Management strongly favoured internal generation as a source of new funds even to the exclusion of external funds except for occasional unavoidable bulges in the need for new funds.Another look of 176 corporate managers by Pinegar and Wilbricht (1989) found that managers prefer cash flow over external sources to finance new investment 84.3% of sample respondents indicate a preference for financing investment with cash flow.Researchers have also discovered the impact of cash flow on investment disbursement in Q models of investment. Fazzari, Hubbard, and Petersen (1988) find that cash flow has a strong effect on investment spending in firms with low-dividend-payout policies. They argue that this result is consistent with the notion that low-payout firms are cash flow-constrained because of asymmetric information costs associated with external financing. bingle reason these firms keep dividends to a minimum is to conserve cash flow from which they can finance profitable investment expenditures.Fazzari and Petersen (1993) find that this same congregation of low-payout firms smooths fluctuations in cash flow with working capital to maintain desired investment levels. This result is consistent with the Myers and Majluf (1984) finding that liquid financial assets can assuage the underinvestment problem arising from asymmetric information.Whited (1992) also extended the Fazzari, Hubbard, and Petersen (1988) results in a study of firms facing debt financing constraints due to financial distress. She found evidence of a strong relationship between cash flow and investment spending for firms with a high debt ratio or a high interest coverage ratio, or without rated debt.Himmelberg and Petersen (1994) in a study of small research and development firms find that cash flow strongly influences both capital and R D expenditures. They argue that the asymmetric information effects associated with such firms make external financing prohibitively expensive, forcing them to fund expenditures internally, that is by making use of cash f lows.An alternative commentary for the strong cash flow/investment relationship is that managers divert free cash flow to unprofitable investment spending. One study assessing the relative grandness of such an agency problem was performed by Oliner and Rudebusch (1992), who analysed several firm attributes that may influence the cash flow/investment relationship. They find that insider share holdings and ownership structure (variables that proxy for agency problems) do little to explain the influence that cash flow has on firm investment spending. work (1993) focused on the relationships among debt financing, debt structure, and investments pending to test the free cash flow theory. He finds that firms that restructure by replacing large amounts of external equity with debt increase their investment spending compared to non-restructured firms. He sees these results as inconsistent with free cash flow behavior, because cash flow committed to debt maintenance should be associated wit h reductions in subsequent investment spending.Findings by punishing and Meyer (1990) and Devereux and Schiantarelli (1990) support the free cash flow interpretation.Strong and Meyer (1990) disaggregate the investment and cash flow of firms in the paper industry into sustaining investment (i.e., productive capacity maintaining) and discretional investment, and total cash flow and residual cash flow (i.e., cash flow after debt service, taxes, sustaining investment, and established dividends). Residual cash flow and discretionary investment are found to be positively and strongly related. This evidence suggests that residual cash flow is often used to fund unprofitable discretionary investments pending.Devereux and Schiantarelli (1990) find that the impact of cash flow on investment spending is greater for bigger firms. One explanation they provide for this result is that large firms have more diverse ownership structures, and are more influenced by manager/shareholder agency problem s.The Q model of investment relates investment to the firms stock market valuation, which is meant to reflect the present discounted value of anticipate future profits, Brainard and Tobin (1968).In the discipline of perfectly competitive markets and constant returns to scale technology, Hayashi (1982) showed that average Q, the ratio of the maximised value of the firm to the replacement cost of its existing capital stock, would be a sufficient statistic for investment rates.Tobins Q, further assumes that the maximised value of the firm can be measured by its stock market valuation. Under these assumptions, the stock market valuation would capture all germane(predicate) information about expected future profitability, and significant coefficients on cash-flow variables after absolute for Tobins Q could not be attributed to additional information about current expectations.However if the Hayashi conditions are not satisfied, or if stock market valuations are influenced by bubbles or any factors other than the present discounted value of expected future profits then Tobins Q would not capture all relevant information about the expected future profitability of current investment. If that is the case, then additional explanatory variables like current or lagged sales or cash-flow foothold could proxy for the missing information about expected future conditions.The classification of q ratios into high and low categories is based on a cut-off of one Lang, Stulz, and Walkling (1989). The latters motivation for this cut-off is partially based on the fact that under certain circumstances firms with q ratios below one have marginal projects with negative net present values (Lang and Litzenberger, 1989). However, q is also industry specific and one may argue that managers should not be held responsible for adverse shocks to their industries. As such, the industry average may be a useful alternative cut-off occlusive to separate high q firms from low q firms.Hoshi, Kashyap, and Scharfstein (1991) regressed investment on Tobins q, other controlling variables, and cash flow. They interpreted differences in the importance of cash flow between different groups of firms as evidence of financing constraints.Results obtained by Vogt (1994) indicate that the influence of cash flow on capital spending is stronger for firms with lower Q values. This result suggests that cash flow-financed capital spending is marginally inefficient and provides initial evidence in support of the FCF hypothesis. The stronger the influence cash flow had on capital spending in this group, the larger the associated value of Tobins Q.After the results presented by Kaplan and Zingales (1997 and 2000), several studies have criticised the empirical test based on the cash flow aesthesia as a significant evidence in favour of the existence of financing constraints. The significance of the cash flow sensitivity of investment, it was argued, may then be the consequence of measure errors in the usual proxy for investment opportunities, Tobins Q, and may provide additional information on expected profitability rather than being a signal of financing constraints.Gomes (2001) showed that the existence of financing constraints is not sufficient to establish cash flow as a significant regressor in a standard investment equation, while Ericson and Whited (2000) demonstrate that the investment sensitivity to cash flow in regressions including Tobins Q is to a large extent due to a measurement error in Q. Likewise, Alti (2003) shows that investment can be sensitive to changes in cash flow in the benchmark case where financing is frictionless.2.3 Investment and favorablenessThe idea that investment depends on the profitability of a firm is amongst the oldest of macroeconomic relationships formulated. The sharp fluctuations in profitability in the average cost of capital since the 1960s revived interest in this relationship (Glyn et al, 1990). However the evidence fo r the impact of profitability on investment remains sketchy.Bhaskar and Glyn (1992) concluded that profitability must be regarded as a significant influence on investment, though by no means the overwhelming one. Their results indicated that enhanced profitability is not always a necessary, let alone a sufficient condition for increase investment.However, years later Glyn (1997) provided an empirical study that examined the impact of profitability on capital accumulation. He tested the impact of profitability in the manufacturing sector on investment for the period 1960-1993 for 15 OECD countries. His findings suggested that the classical emphasis on the role of profitability on investment wass still highly significant and had a very tight relationship.Korajczyk and Levy (2003) investigated the role of macroeconomic conditions and financial constraints in determining capital structure choice. While estimating the relation between firms debt ratio and firm-specific variables, they fo und out that there was a negative relation between profitability and target leverage, which was consistent with the pecking order theory. This indicated that if leverage of the firm is low, profitability will be high and the entity will be able to invest in positive NPV projects i.e. increase investment.Bhattacharyya (2008) recently provided an empirical study where he examined the effect of profitability and other determinants of investment for Indian firms. He found that Short-run profitability does not have consistent influence on investment decisions of firms, implying that one should concentrate on the long-run profitability of a firm. This indicates that profitability is still regarded as one of the major determinants underlying investment decisions of firms. However, he suggested that liquidity is relatively more important than profitability when it comes to firms investment decisions.2.3 Investment and LiquidityUnder the assumptions of illiquid capital and true uncertainty, management can never be sure that investment projects will produce sufficient liquidity to cover the cash commitments generated by their financing. Yet unsuccessful person to meet these commitments may result in a crisis of managerial autonomy or even in bankruptcy. Thus, capital accumulation is a contradictory process. Investment is inherently risky, while the failure to invest will finally lead to the firms marginalization or demise. Crotty and Goldstein (1992)Chamberlain and Gordon (1989) used the annual domestic investment of all nonfinancial corporations in the United States between 1952 and 1981 in an attempt to check over the impact of liquidity on the profitable investment opportunities available to the corporation. They have put forward that in their long-run survival of the fittest model, liquidity variables play an necessity role as it captures the firms desire to avoid bankruptcy. It was also noted that there was a significant improvement in the explanation of inve stment when liquidity variables were added to the profitability variables of their regression, thereby supporting the view that liquidity is a pre-dominant determinant of investment and that they are positively related.Hoshi, Kashyap and Scharfstein (1991) attempted to find the relationship between investment and liquidity for Japanese firms. They found that high current profits increase current liquidity, thereby generating further investment from the firm to batten down future profitability and increased output to meet demand.Myers and Rajan (1998) suggested that liquid assets are generally viewed as being easier to finance and therefore, asset liquidity is a electropositive for nonfinancial corporations or various(prenominal) investors. However, Myers and Rajan argued that although more liquid assets increase the ability to invest in projects, they also reduce managements ability to commit credibly to an investment strategy that protects investors.Johnson (2003) found that sho rt debt maturity date increases liquidity risk, which in turn, negatively affects leverage and the firms investment. Jonson also suggested that firms trade off the cost of underinvestment problems against the cost of increased liquidity risk when choosing short debt maturity2.4 Investment and salesSales growth targets play a major role in the perceptions of top managers. Using surveys, Hubbard and Bromiley (1994) find sales is the most common objective mentioned by senior managers. Additional explanatory variables like current or lagged sales are very important in the investment equation as they can act as proxy for the missing information about expected future conditions in case such information has not been captured by Tobins Q.Kaplan and Norton (1992, 1993, 1996) argue that firms must use a wide variety of goals, including sales growth, to effectively reach their financial objectives. They suggested that Sales growth influences factors..all the way to the implied opportunities for investments in new equipment and technologies..According to this study of 396 corporations, Kopcke and Howrey (1994) found that the capital spending of many of the companies corresponds very poorly with their sales and profits. These divergences suggest that sales and profits do not represent fully an enterprises particular incentives for investing. Consequently, these findings do not support generalizations contending that companies with more debt are investing less than their sales and cash flows would guarantee.Athey and Laumas (1994) using panel information over the period 1978-86, examined the relative importance of the sales accelerator and alternative internal sources of liquidity in investment activities of 256 Indian manufacturing firms. They found that when all the selected firms in the sample were considered together, current values of changes in real net sales and net profit were all significant in determining capital spending of firms.Azzoni and Kalatzis (2006) con sidered the importance of sales for investment decisions of firms. They found that sales presented a positive and significant relationship with investment in all cases.Impact of Financial Leverage on InvestmentImpact of Financial Leverage on InvestmentThe term Investment is frequently used in jargon of economics, business management and finance. According to economic theories, investment is defined as the per-unit production of goods, which have not been consumed, but will however, be used for the purpose of future production. The decision for investment, also referred to as capital budgeting decision, is regarded as one of the key decisions of an entity.Leverage is a method of corporate funding in which a higher proportion of funds is raised through borrowing than stock issue. It is measured as the ratio of total debt to total assets greater the amount of debt, greater the financial leverage. Financial Leverage is the ability of a company to earn more on its assets by taking on deb t that allows it to buy or invest more in order to expand.Nowadays financial leverage is viewed as an important attribute of capital structure alongside equity and retained earnings. Financial leverage benefits common stockholders as long as the borrowed funds generate a return greater than the cost of borrowing, although the increased risk can offset the general cost of capital.In the past years, a large body of the literature has provided robust empirical evidence that financial factors have a significant impact on the investment decisions of firms. While traditional research on investment was based on the neoclassical theory of optimal capital accumulation (where under the assumption of perfect capital markets, the cost of financing does not depend on the firms financial position), more recent literature has increasingly incorporated frictions such as asymmetric information and agency problems as a source behind the relevance of the degree of financial pressure faced by the firm in determining the availability and the costs of external financingThis chapter will seek to enclose literature on the impact of financial leverage on investment and other factors that may affect investment in firms.1.1 Modigliani Miller (MM) 1958 theory with no taxationIn what has been hailed as the most influential set of financial papers ever published, Franco Modigliani and Merton Miller addressed capital structure in a rigorous, scientific fashion, and their study set off a chain of research that continues to this day.Modigliani and Miller (1958) argued that the investment policy of a firm should be based only on those factors that will increase the profitability, cash flow or net worth of a firm.The MM view is that companies which operate in the same type of business and which have similar operating risks must have the same total value, irrespective of their capital structures. It is based on the belief that the value of a company depends upon the future operating income gen erated by its assets. The way in which this income is split between returns to debt holders and returns to equity should make no difference to the total value of the firm. Thus the total value of the firm will not change with gearing, and therefore neither will its Weighted Average Cost of Capita (Pandey, 1995).Many empirical literatures have challenged the leverage irrelevance theorem of Modigliani and Miller. The irrelevance proposition of Modigliani and Miller will be valid only if the perfect market assumptions underlying their analysis are satisfiedUnder the original MM propositions, leverage and investment were unrelated. If a firm had profitable investment projects, it could obtain funding for these projects regardless of the nature of its current balance sheet.1.2 Modigliani Miller 1963 theory with taxM M (1963) found that the corporation tax system carries a distortion under which returns to debt holders (interest) are tax deductible to the firm, whereas returns to equity holders are not. They therefore concluded that geared companies have an advantage over ungeared companies, i.e. they pay less tax and will have a greater market value and a lower WACC. Following this research, the consensus that emerged was that tax is positively correlated to debt (Graham 1995, Miller 1977) and is considered a major influence in the debt policy decision.Modigliani et al (1963) argued that we should not waste our limited worrying capacity on second-order and largely self correcting problems like financial leveraging. That is firms should not be worried about growth as long as they have good projects in hand, since they will always be able to find means of financing those projects.1.3 The Trade-Off ModelsSome of the assumptions inherent in the MM model can be relaxed without changing the basic conclusions as argued by Stiglitz (1969) and Rubenstein (1973). However, when financial distress and agency costs are considered, the MM models are altered significantly. The addition of financial distress and agency costs to the MM model results in a trade-off model. In such a model, the optimal capital structure can be visualized as a trade-off between the benefit of debt (the interest tax shield) and the costs of debt (financial distress and agency costs) as presented by Myers (1997)The trade-off models have intuitive appeal because they lead to the conclusion that both no-debt and all-debt are bad, while a moderate debt level is good. However, the trade-off models have very limited empirical support, Marsh (1982), suggesting that factors not incorporated in this model are also at work.Jensen and Meckling (1976) invoked a moral hazard argument to explain the agency costs of debt, proposing that high levels of debt will induce firms to opt for excessively risky investment projects. The incentive for such a move is that limited liability provisions in debt contracts imply that risky projects will provide higher mean returns to the shareholders zero in l ow states of nature and high in good states. However, the higher probability of default will induce investors to demand either interest rates premiums or bond covenants that restrict the firms future use of debt.1.4 Pecking-Order TheoryInitiated by Donaldson (1961), the Pecking-Order theory argues that firms simply use all their internally-generated funds first, move down the pecking order to debt and then lastly issue equity in an attempt to raise funds. Firms follow this line of least resistance that establishes the capital structure.Myers noted an inconsistency between Donaldsons findings and the trade-off models, and this inconsistency led Myers to propose a new theory. Myers (1984) suggested asymmetric information as an explanation for the heavy reliance on retentions. This may be a situation where managers have access to more information about the firm and know that the value of the shares is greater than the current market value. If new shares are issued in this situation, th ere is a possibility that they would be issued at a too low price, thereby transferring wealth from existing shareholders to new shareholders.1.5 Investment and LeverageOne of the main issues in Corporate Finance is whether financial leverage has any effects on investment policies. The corporate world is characterized by various market imperfections, due to transaction costs, institutional restrictions and asymmetric information. The interactions between management, shareholders and debt holders will generate frictions due to agency problems and that may result in under-investment or over-investment incentives. Whenever we refer to investment, it is essential to distinguish between over- investment and under-investment.In his model, Myers (1977) argued that debt can create an overhang effect. His idea was that debt overhang reduces the incentives of the shareholder-management coalition in control of the firm to invest in positive net-present-value investment opportunities, since the benefits accrue, at least partially, to the bondholders rather than accruing fully to the shareholders. Hence, highly levered firms are less likely to exploit valuable growth opportunities as compared to firms with low levels of leverage.Underinvestment theory centers on a liquidity effect in that firms with large debt commitment invest less, no matter what their growth opportunities (Lang et al, 1996). In theory, even if debt creates potential underinvestment incentives, the effect could be attenuated by the firm taking corrective action and lowering its leverage, if future growth opportunities are recognized sufficiently early (Aivazian Callen, 1980). Leverage is optimally reduced by management ex ante in view of projected valuable ex post growth opportunities, so that its impact on growth is attenuated. Thus, a negative empirical relation between leverage and growth may arise even in regressions that control for growth opportunities because managers reduce leverage in anticipat ion of future investment opportunities. Leverage simply signals managements information about investment opportunities. The possibility that leverage might substitute for growth opportunities is referred to as the endogeneity problem.Over-investment theory is another problem that has received much attention over the years. It is described as investment expenditure beyond that required to maintain assets in place and to finance positive NPV projects. In these kind of situations, conflicts may arise between managers and shareholders (Jensen,1986 Stulz,1990). Managers seek for opportunities to expand the business even if that implies undertaking poor projects and reducing shareholder worth in the company. Managers abilities to carry such a policy is restrained by the availability of cash flow and further tightened by the financing of debt. Issuing debt commits the firm to pay cash as interest and principal, forcing managers to service such commitments with funds that may have otherwis e been allocated to poor investment projects.Thus, leverage is one mechanism for overcoming the overinvestment problem suggesting a negative relationship between debt and investment for firms with weak growth opportunities. Too much debt also is not considered to be good as it may lead to financial distress and agency problems.Cantor (1990) explains that highly leveraged firms show a heightened sensitivity to fluctuations in cash flow and earnings since they face substantial debt service obligations, have limited ability to borrow additional funds and may feel extra pressure to maintain a positive cash flow cushion. Hence, the net effect would be reduced levels of investment for the firm in question.Accordingly, Mc Connell and Servaes (1995) have examined a large sample of non financial United States firms for the years 1976, 1986 and 1988. They showed that for high growth firms the relation between corporate value and leverage is negative, whereas that for low growth firms the rela tion between corporate value and leverage is positively correlated. This trend tends to indicate that to maximise corporate value, it is preferable to keep down leverage to a low level and to increase investment.Lang, Ofek and Stulz (1996) used a pooling regression to estimate the investment equation. They distinguish between the impact of leverage on growth in a firms core business from that in its non-core business. They argue that if leverage is a proxy for growth opportunities, its contractionary impact on investment in the core segment of the firm should be much more pronounced than in the non-core segment. They found that there exists a negative relation between leverage and future growth at the firm level. Also they argued that debt financing does not reduce growth for firms known to have good investment opportunities. Lang et al document a negative relation between firm leverage and subsequent growth. However, they find that this negative relation holds only for low q firms, i.e. those with fewer profitable growth opportunities. Thus, their findings appear to be most consistent with the view that leverage curbs overinvestment in firms with poor growth opportunities.Myers (1997) has examined possible difficulties that firms may face in raising finance to materialize positive net present value (NPV) projects, if they are highly geared. Therefore, high leverages may result in liquidity problem and can affect a firms ability to finance growth. Under this situation, debt overhang can contribute to the under-investment problem of debt financing. That is for firms with growth opportunities, debt have a negative impact on the value of the firm.Peyer and Shivdasani (2001) provide evidence that large increases in leverage affect investment policy. They report that, following leveraged recapitalizations, firms allocate more capital to business units that produce greater cash flow. If leverage constrains investment, firms with valuable growth opportunities should choose lower leverage in order to avoid the risk of being forced to bypass some of these opportunities, while firms without valuable growth opportunities should choose higher leverage to bond themselves not to waste cash flow on unprofitable investment opportunities.Ahn et al. (2004) document that the negative relation between leverage and investment in diversified firms is significantly stronger for high Q segments than for low Q business segments, and is significantly stronger for non-core segments than for core segments. Among low growth firms, the positive relation between leverage and firm value is significantly weaker in diversified firms than in focused firms. Their results suggest that the disciplinary benefits of debt are partially offset by the additional managerial discretion in allocating debt service to different business segments within a diversified organizational structure.Childs et al (2005) argued that financial flexibility encourages the choice of short-term debt, thereby dramatically reducing the agency costs of under-investment and over-investment. However the reduction in the agency costs may not encourage the firm to increase leverage, since the firms initial debt level choice depends on the type of growth options in its investment opportunity set.Aivazian et al (2005) analysed the impact of leverage on investment on 1035 Canadian industrial companies, covering the period 1982 to 1999. Their study examined whether financing considerations (as measured by the extent of financial leverage) affect firm investment decisions inducing underinvestment or overinvestment incentives. They found that leverage is negatively related to the level of investment, and that this negative effect is significantly stronger for firms with low growth opportunities than those with high growth opportunities. These results provide support to agency theories of corporate leverage, and especially to the theory that leverage has a disciplining role for firms with we ak growth opportunities1.6 Investment, Cash Flow and Tobins QIt was traditionally believed that cash flow was important for firms investment decisions because managers regarded internal funds as less expensive than external funds. In the 1950s and 1960s, this view led to numerous empirical assessments of the role of internal funds in firm investment behaviour. These studies found strong relationships between cash flow and investment.Considerable empirical evidence indicates that internally generated funds are the primary way firms finance investment expenditures. In an in-depth study of 25 large firms, Gordon Donaldson (1961) concludes that Management strongly favoured internal generation as a source of new funds even to the exclusion of external funds except for occasional unavoidable bulges in the need for new funds.Another survey of 176 corporate managers by Pinegar and Wilbricht (1989) found that managers prefer cash flow over external sources to finance new investment 84.3% of sample respondents indicate a preference for financing investment with cash flow.Researchers have also discovered the impact of cash flow on investment spending in Q models of investment. Fazzari, Hubbard, and Petersen (1988) find that cash flow has a strong effect on investment spending in firms with low-dividend-payout policies. They argue that this result is consistent with the notion that low-payout firms are cash flow-constrained because of asymmetric information costs associated with external financing. One reason these firms keep dividends to a minimum is to conserve cash flow from which they can finance profitable investment expenditures.Fazzari and Petersen (1993) find that this same group of low-payout firms smooths fluctuations in cash flow with working capital to maintain desired investment levels. This result is consistent with the Myers and Majluf (1984) finding that liquid financial assets can mitigate the underinvestment problem arising from asymmetric information.Wh ited (1992) also extended the Fazzari, Hubbard, and Petersen (1988) results in a study of firms facing debt financing constraints due to financial distress. She found evidence of a strong relationship between cash flow and investment spending for firms with a high debt ratio or a high interest coverage ratio, or without rated debt.Himmelberg and Petersen (1994) in a study of small research and development firms find that cash flow strongly influences both capital and R D expenditures. They argue that the asymmetric information effects associated with such firms make external financing prohibitively expensive, forcing them to fund expenditures internally, that is by making use of cash flows.An alternative explanation for the strong cash flow/investment relationship is that managers divert free cash flow to unprofitable investment spending. One study assessing the relative importance of such an agency problem was performed by Oliner and Rudebusch (1992), who analysed several firm att ributes that may influence the cash flow/investment relationship. They find that insider share holdings and ownership structure (variables that proxy for agency problems) do little to explain the influence that cash flow has on firm investment spending.Carpenter (1993) focused on the relationships among debt financing, debt structure, and investments pending to test the free cash flow theory. He finds that firms that restructure by replacing large amounts of external equity with debt increase their investment spending compared to non-restructured firms. He sees these results as inconsistent with free cash flow behavior, because cash flow committed to debt maintenance should be associated with reductions in subsequent investment spending.Findings by Strong and Meyer (1990) and Devereux and Schiantarelli (1990) support the free cash flow interpretation.Strong and Meyer (1990) disaggregate the investment and cash flow of firms in the paper industry into sustaining investment (i.e., pro ductive capacity maintaining) and discretionary investment, and total cash flow and residual cash flow (i.e., cash flow after debt service, taxes, sustaining investment, and established dividends). Residual cash flow and discretionary investment are found to be positively and strongly related. This evidence suggests that residual cash flow is often used to fund unprofitable discretionary investments pending.Devereux and Schiantarelli (1990) find that the impact of cash flow on investment spending is greater for larger firms. One explanation they provide for this result is that large firms have more diverse ownership structures, and are more influenced by manager/shareholder agency problems.The Q model of investment relates investment to the firms stock market valuation, which is meant to reflect the present discounted value of expected future profits, Brainard and Tobin (1968).In the case of perfectly competitive markets and constant returns to scale technology, Hayashi (1982) showe d that average Q, the ratio of the maximised value of the firm to the replacement cost of its existing capital stock, would be a sufficient statistic for investment rates.Tobins Q, further assumes that the maximised value of the firm can be measured by its stock market valuation. Under these assumptions, the stock market valuation would capture all relevant information about expected future profitability, and significant coefficients on cash-flow variables after controlling for Tobins Q could not be attributed to additional information about current expectations.However if the Hayashi conditions are not satisfied, or if stock market valuations are influenced by bubbles or any factors other than the present discounted value of expected future profits then Tobins Q would not capture all relevant information about the expected future profitability of current investment. If that is the case, then additional explanatory variables like current or lagged sales or cash-flow terms could prox y for the missing information about expected future conditions.The classification of q ratios into high and low categories is based on a cut-off of one Lang, Stulz, and Walkling (1989). The latters motivation for this cut-off is partially based on the fact that under certain circumstances firms with q ratios below one have marginal projects with negative net present values (Lang and Litzenberger, 1989). However, q is also industry specific and one may argue that managers should not be held responsible for adverse shocks to their industries. As such, the industry average may be a useful alternative cut-off point to separate high q firms from low q firms.Hoshi, Kashyap, and Scharfstein (1991) regressed investment on Tobins q, other controlling variables, and cash flow. They interpreted differences in the importance of cash flow between different groups of firms as evidence of financing constraints.Results obtained by Vogt (1994) indicate that the influence of cash flow on capital spen ding is stronger for firms with lower Q values. This result suggests that cash flow-financed capital spending is marginally inefficient and provides initial evidence in support of the FCF hypothesis. The stronger the influence cash flow had on capital spending in this group, the larger the associated value of Tobins Q.After the results presented by Kaplan and Zingales (1997 and 2000), several studies have criticised the empirical test based on the cash flow sensitivity as a meaningful evidence in favour of the existence of financing constraints. The significance of the cash flow sensitivity of investment, it was argued, may then be the consequence of measurement errors in the usual proxy for investment opportunities, Tobins Q, and may provide additional information on expected profitability rather than being a signal of financing constraints.Gomes (2001) showed that the existence of financing constraints is not sufficient to establish cash flow as a significant regressor in a standa rd investment equation, while Ericson and Whited (2000) demonstrate that the investment sensitivity to cash flow in regressions including Tobins Q is to a large extent due to a measurement error in Q. Likewise, Alti (2003) shows that investment can be sensitive to changes in cash flow in the benchmark case where financing is frictionless.2.3 Investment and ProfitabilityThe idea that investment depends on the profitability of a firm is amongst the oldest of macroeconomic relationships formulated. The sharp fluctuations in profitability in the average cost of capital since the 1960s revived interest in this relationship (Glyn et al, 1990). However the evidence for the impact of profitability on investment remains sketchy.Bhaskar and Glyn (1992) concluded that profitability must be regarded as a significant influence on investment, though by no means the overwhelming one. Their results indicated that enhanced profitability is not always a necessary, let alone a sufficient condition for increased investment.However, years later Glyn (1997) provided an empirical study that examined the impact of profitability on capital accumulation. He tested the impact of profitability in the manufacturing sector on investment for the period 1960-1993 for 15 OECD countries. His findings suggested that the classical emphasis on the role of profitability on investment wass still highly significant and had a very tight relationship.Korajczyk and Levy (2003) investigated the role of macroeconomic conditions and financial constraints in determining capital structure choice. While estimating the relation between firms debt ratio and firm-specific variables, they found out that there was a negative relation between profitability and target leverage, which was consistent with the pecking order theory. This indicated that if leverage of the firm is low, profitability will be high and the entity will be able to invest in positive NPV projects i.e. increase investment.Bhattacharyya (2008) r ecently provided an empirical study where he examined the effect of profitability and other determinants of investment for Indian firms. He found that Short-run profitability does not have consistent influence on investment decisions of firms, implying that one should concentrate on the long-run profitability of a firm. This indicates that profitability is still regarded as one of the major determinants underlying investment decisions of firms. However, he suggested that liquidity is relatively more important than profitability when it comes to firms investment decisions.2.3 Investment and LiquidityUnder the assumptions of illiquid capital and true uncertainty, management can never be sure that investment projects will produce sufficient liquidity to cover the cash commitments generated by their financing. Yet failure to meet these commitments may result in a crisis of managerial autonomy or even in bankruptcy. Thus, capital accumulation is a contradictory process. Investment is inh erently risky, while the failure to invest will ultimately lead to the firms marginalization or demise. Crotty and Goldstein (1992)Chamberlain and Gordon (1989) used the annual domestic investment of all nonfinancial corporations in the United States between 1952 and 1981 in an attempt to determine the impact of liquidity on the profitable investment opportunities available to the corporation. They have put forward that in their long-run survival model, liquidity variables play an essential role as it captures the firms desire to avoid bankruptcy. It was also noted that there was a significant improvement in the explanation of investment when liquidity variables were added to the profitability variables of their regression, thereby supporting the view that liquidity is a pre-dominant determinant of investment and that they are positively related.Hoshi, Kashyap and Scharfstein (1991) attempted to find the relationship between investment and liquidity for Japanese firms. They found th at high current profits increase current liquidity, thereby generating further investment from the firm to ensure future profitability and increased output to meet demand.Myers and Rajan (1998) suggested that liquid assets are generally viewed as being easier to finance and therefore, asset liquidity is a plus for nonfinancial corporations or individual investors. However, Myers and Rajan argued that although more liquid assets increase the ability to invest in projects, they also reduce managements ability to commit credibly to an investment strategy that protects investors.Johnson (2003) found that short debt maturity increases liquidity risk, which in turn, negatively affects leverage and the firms investment. Jonson also suggested that firms trade off the cost of underinvestment problems against the cost of increased liquidity risk when choosing short debt maturity2.4 Investment and SalesSales growth targets play a major role in the perceptions of top managers. Using surveys, Hu bbard and Bromiley (1994) find sales is the most common objective mentioned by senior managers. Additional explanatory variables like current or lagged sales are very important in the investment equation as they can act as proxy for the missing information about expected future conditions in case such information has not been captured by Tobins Q.Kaplan and Norton (1992, 1993, 1996) argue that firms must use a wide variety of goals, including sales growth, to effectively reach their financial objectives. They suggested that Sales growth influences factors..all the way to the implied opportunities for investments in new equipment and technologies..According to this study of 396 corporations, Kopcke and Howrey (1994) found that the capital spending of many of the companies corresponds very poorly with their sales and profits. These divergences suggest that sales and profits do not represent fully an enterprises particular incentives for investing. Consequently, these findings do not s upport generalizations contending that companies with more debt are investing less than their sales and cash flows would guarantee.Athey and Laumas (1994) using panel data over the period 1978-86, examined the relative importance of the sales accelerator and alternative internal sources of liquidity in investment activities of 256 Indian manufacturing firms. They found that when all the selected firms in the sample were considered together, current values of changes in real net sales and net profit were all significant in determining capital spending of firms.Azzoni and Kalatzis (2006) considered the importance of sales for investment decisions of firms. They found that sales presented a positive and significant relationship with investment in all cases.